Cantor Fitzgerald

Cantor Fitzgerald, L.P. is a New York brokerage and investment bank whose operating subsidiaries include Cantor Fitzgerald & Co., a broker-dealer on the Federal Reserve Bank of New York's list of primary dealers, and whose affiliates include the interdealer broker BGC Group, the real estate services company Newmark Group, and a series of special purpose acquisition companies. The firm lost 658 employees at One World Trade Center on September 11, 2001. Since February 18, 2025 it has been led by Brandon Lutnick, the son of Howard Lutnick, who was confirmed that day by the United States Senate as Secretary of Commerce.¹²³

Founding and the Cantor Era

B. Gerald Cantor, born on December 17, 1916 and raised in the Bronx, served in the United States Army in the South Pacific during World War II. In 1945 he founded B. G. Cantor & Company, a securities firm. Two years later he became a founding partner in its successor, Cantor, Fitzgerald & Company, named also for another partner, John Fitzgerald, who died two decades later. The New York Times described the firm at his death on July 3, 1996 as "among the biggest institutional brokers of Government securities in the United States," with the country's largest banks and pension funds among its clients.¹

The partnership Cantor Fitzgerald L.P. was created in 1992 through a remodeling of the business structure of its predecessor; its managing general partner was a Cantor family partnership. On May 7, 1996, with Cantor ailing, a settlement ended what the Times called a "bitter, months-long battle" over succession: the Cantor family's stake of 48 percent in the firm was to be reduced over time to a limited-partnership stake of almost 20 percent. The Times reported that the firm's president, Howard Lutnick, "whom Mr. Cantor had groomed to succeed him," kept the heightened management role he had assumed early in 1996. The settlement also obliged the firm to keep providing support to the charitable foundation of the founder and his wife Iris Cantor.¹ Prospectuses for Cantor's special purpose acquisition companies describe Lutnick as having joined Cantor in 1983 and served as its president and chief executive officer since 1992 and as chairman since 1996, and state that Cantor "was founded 75 years ago and has been led by Mr. Lutnick since 1992."⁴ CBS News reported in February 2026 that Lutnick "had been president and CEO of Cantor since 1991 and was elevated to chairman in 1996."⁵

Cantor started its wholesale intermediary brokerage operations in 1972. In 1996 it launched eSpeed, a fully electronic marketplace for government bonds; eSpeed completed an initial public offering on December 10, 1999, and remained a controlled subsidiary of Cantor. As of March 15, 2002, Cantor beneficially owned approximately 90.4 percent of the combined voting power of eSpeed's voting stock.⁶⁷

September 11, 2001

Cantor Fitzgerald's headquarters were at One World Trade Center, the north tower of the World Trade Center. eSpeed reported to the Securities and Exchange Commission on April 1, 2002 that "our offices in the World Trade Center were destroyed and we lost approximately 180 of our employees, including many members of our senior management," and that "Cantor and TradeSpark lost an aggregate of 478 employees and equipment and systems." BGC's annual report for 2019 refers to "the 658 colleagues and friends who perished on that day," and, in a separate passage, to 61 Eurobrokers employees who died the same day. In that report BGC states that Lutnick and the surviving employees created the Cantor Fitzgerald Relief Fund, and that the firm and its affiliates "committed 25% of profits for five years and committed to pay for 10 years of healthcare for the families of those we lost." BGC's annual September 11 Charity Day, on which it donates its global revenue to the fund, had raised approximately $159 million.⁷⁸⁹

eSpeed's report states that the loss of Cantor's brokers and assets had adversely affected eSpeed's revenues, because Cantor was "not currently trading many of the financial products its voice brokers historically traded using our eSpeed system." Fixed assets with a book value of $17,690,289 were destroyed, and eSpeed had received $20.5 million of insurance proceeds by December 31, 2001.⁷ The National Commission on Terrorist Attacks Upon the United States heard Harry Waizer, listed as "survivor, Cantor Fitzgerald, LP," among the witnesses on "The Experience of the Attack" at its first public hearing, at the Alexander Hamilton U.S. Custom House in New York on March 31 and April 1, 2003.¹⁰

eSpeed, BGC and the Corporate Chain

In April 2008, BGC Partners' businesses and certain other Cantor assets were merged with and into eSpeed, and the combined company began operating as BGC Partners, Inc. In June 2013 the company sold assets of its U.S. Treasury benchmark business, and the name "eSpeed," to Nasdaq. On July 1, 2023 BGC Partners became a wholly owned subsidiary of the new public parent BGC Group, Inc. Cantor and CF Group Management (CFGM), the general partner of Cantor, held 105.3 million shares of BGC Class B common stock, 96.2 percent of that class, at December 31, 2025. The history of the public company and its enforcement record are set out at BGC Group.²¹¹

Newmark, the commercial real estate business that BGC transferred to Newmark Group on December 13, 2017, was listed in December 2017 and distributed to BGC's stockholders on November 30, 2018. Related-party dealings between BGC and Cantor have drawn litigation: on October 5, 2018 the Roofers Local 149 Pension Fund filed a derivative complaint in the Delaware Court of Chancery against BGC's board, Lutnick, CFGM and Cantor over BGC's $875 million purchase of Berkeley Point from Cantor Commercial Real Estate, and on September 30, 2019 the court denied the defendants' motions to dismiss on demand grounds without making findings on the merits.¹²

Primary Dealer and Treasury Markets

The Federal Reserve Bank of New York's published list of primary dealers includes Cantor Fitzgerald & Co., recorded as added to the list effective August 1, 2006.¹³ Cantor's prospectus for its Cayman Islands SPAC Cantor Equity Partners describes the firm's broker-dealer as "a leading independent middle market investment bank and primary dealer," and Cantor as having "a controlling interest in BGC Group."¹⁴ The Times in 1996 had already placed the firm among the largest institutional brokers of Government securities in the United States.¹

Cantor Ventures and CVAFH I LLC

Cantor Ventures, L.P. appears in AdFin documents with a letterhead address of 110 East 59th Street. Lutnick told the House Committee on Oversight and Government Reform on May 6, 2026 that "Cantor Fitzgerald had a subsidiary that did venture capital investing with small investments in many companies in sort of high-risk investments," called Cantor Ventures, "a venture capital arm of Cantor Fitzgerald, so sort of multiple layers down the subsidiary chain."¹⁵ Henrique de Castro has been described in a Target Corporation proxy statement as an advisor at Cantor Fitzgerald since January 2017, "where he leads the corporate venture capital arm of the firm, Cantor Ventures."¹⁶

CVAFH I LLC invested in AdFin Solutions, Inc., a Delaware advertising-analytics company incorporated on April 25, 2011, in which Jeffrey Epstein's Southern Trust Company also held Series A preferred stock. The Justice Department's Epstein library contains the following documents.

The Series A Preferred Stock Purchase Agreement (EFTA00289560 in DataSet 9) is dated December 28, 2012, and its Exhibit A schedules an initial closing that day and subsequent closings on April 10 and July 23, 2013. It carries a counterpart signature page for CVAFH I LLC with the printed name "Howard W. Lutnick" and title "President." The same name and title appear on the counterpart pages of the investors' rights, right of first refusal and co-sale, and voting agreements, and on a letter agreement dated in July 2013. The letter agreement, on the letterhead of Cantor Ventures, L.P., states: "CVAFH I LLC ('Cantor')... Cantor has been formed for the specific purpose of acquiring the Shares and the ultimate holding company of Cantor is Cantor Fitzgerald, L.P., a Delaware limited partnership." Exhibit A to the purchase agreement lists "CVAFH I LLC" with 800,000 shares and a purchase price of $350,000 at a "Subsequent Closing" of July 23, 2013, and a stock certificate numbered PA-7, dated as of July 23, 2013, certifies that CVAFH I LLC is the record holder of "Eight Hundred Thousand shares of Series A Preferred Stock." Epstein's Southern Trust bought 1,142,857 Series A shares at an April 10, 2013 closing and 285,714 more on July 23, 2013.¹⁷¹⁸

On December 26, 2013, AdFin issued a $2,000,000 unsecured convertible note under a Note Purchase Agreement (EFTA00289541) whose investor was "CVAFH I, LLC," on Schedule I at 499 Park Avenue. The investor signature page (EFTA00289550) bears a handwritten signature with the handwritten name "Douglas Barnard" and the title "Chief Financial Officer." A stockholder consent (EFTA00289527) has signature pages for Southern Trust Company, Inc. and CVAFH I, LLC, each dated December 26, 2013.¹⁹ On January 7, 2014 AdFin shareholder David J. Mitchell wrote to Epstein: "We completed a $2 million convertible placement with Cantor Ventures at the end of the year... If and when they convert they get a board seat (we will have to increase board to 7 people as we have 5 now)," and said that "either two of the three of us (JEE, JL or DJM) could block certain actions of the Company."²⁰

A February 16, 2016 letter from Mitchell (EFTA01084694) attached a term sheet stating that "the Board of Adfin voted to accept an offer from its largest shareholder, Cantor Venture, to fund $1,750,000," and that the "Board increased to 7 directors. All chosen by Cantor," with "Howard Lutnick, Jed Kleckner and Henrique de Castro" to join the board, "Cantor will effectively control decision-making power at the Board and stockholder level" and "AdFin will be majority owned by Cantor." A cap table as of January 4, 2018 (EFTA00796718) lists Cantor at 85,959,207 shares, 60.32 percent.²¹

On May 28, 2018 an account labeled "HWL," with a Cantor Fitzgerald LP disclaimer, exchanged emails with Epstein's account. Epstein wrote at 1:12 p.m.: "on another note what do you think the prospects for adfin are?" At 1:19 p.m. the reply read: "Producing revenue finally. This is their year. Next 12 months they need to become economically self sufficient."²² AdFin ceased business operations in October 2019.²³

Lutnick's statements on the record sit beside these documents. At the May 6, 2026 House Oversight interview he was asked "Were you personally an investor in AdFin Solutions?" and answered "No"; asked "Was Cantor Fitzgerald an investor in AdFin Solutions?" he answered "Yes." Asked whether he knew that Epstein was an investor, he answered "No," and that he learned of it "To the best of my knowledge, when these documents were released." Of the stock purchase agreement he said, "I don't think I heard about this investment till 2013, May. I think the pitch was made to me in May of 2013, from the document." He described it as "inexplicable and unsettling that he had ... that it was released, that my company's signature page would be in someone else's files," and said of the May 28, 2018 email, "This was ... this was me, because it says 'HWL.'"¹⁵ A source close to Lutnick told CBS News, in a report updated February 7, 2026, that "Cantor [Fitzgerald] was a small minority investor in Adfin" and that "[a]t the time of doing the deal, as a minority investor, Mr. Lutnick would not have any knowledge of who the other investors were."⁵ The BBC reported on July 14, 2026 that the Commerce Department had called the allegations "a desperate partisan distraction from the historic work of this Administration" and said there was "no evidence of wrongdoing or legitimate cause for concern."²⁴

The 2013 Proposals Involving the Duke of York

A term sheet headed "Term Sheet (8/29/13 Preliminary Draft for Discussion Purposes Only)" and marked "CONFIDENTIAL" summarizes "a joint venture to create an asset management business to be known as Cantor Urramoor Asset Management." Its partners are "Cantor Urramoor Asset Management Holdings, LLC ('Cantor Holdings'), a wholly owned subsidiary of Cantor Fitzgerald," and "[Urramoor], an entity owned by a trust created by Mr. T." "Cantor Holdings would be the manager of the Company," which "would be permitted to engage affiliates of Cantor as subcontractor to perform certain services such as brokerage, investment banking, subadvisory and asset management services" and could engage Cantor for support services "at 110% of fully allocated cost." The loan term reads: "the Company would advance the sum of £1,000,000 to Urramoor which would accrue interest at an annual rate of 3.5%, compounded annually," with the capital term "Cantor would make a capital contribution to the Company in an amount necessary to fund the Loan." The sheet states: "It is not a commitment to form the Company, either express or implied."²⁵

The sheet reached Jeffrey Epstein's email account through a message of August 30, 2013, subject "Term Sheet from Cantor Fitzgerald to Mr. T," from a Cantor sender to two solicitors: "Attached please find the draft term sheet. Please let me know when you would like to discuss it." On September 2, 2013 David Stern, whom the BBC describes as "the prince's business aide," forwarded it to Epstein: "See attached term sheet from Howard to PA. I think madness. They are still at it. We kill it ?" Epstein proposed a counter ("fifty fifty split, first 1 millino to offset loan, no subs acting without written agreement as to fee and profits . no exclusivity,") and wrote of its terms: "no predetermined split, and even then payments made only if they choose to? its crazy."²⁶

A draft "Agreement for Referrals" of November 2013 names "Cantor Opportunities, LLC," "a subsidiary of Cantor Fitzgerald, L.P. which is the holding company for a diverse organization that includes subsidiaries and affiliates that are involved in various financial services and real estate activities," and "Urramoor Limited." Its signature blocks and date are blank. It provides that "Nothing in this agreement shall be construed or interpreted to create a partnership or joint venture," that Urramoor's "only services shall be to provide Cantor and any applicable CF Company with introductions to non-US persons, individuals, or entities," and that "a typical referral fee to Cantor would be 25% of the lender's fee ... Such referral fee to Cantor would be split 50/50 with UML." Exhibit A lists, among the "Asset Management Opportunities," "Investment in funds or separate account managed by a registered investment advisor such as Cantor Comparative Advantage, L.P."²⁷

On August 9, 2013, in a thread headed "HL Loan," Epstein wrote to Stern: "no no no no no, howards main businesss is gambing in las vegas. he will have to disclose to the las vegas commsion his arrangeent and you will have holy hell to pay." On November 16, 2013 Stern asked Epstein, "Have you seen Cantor Fitzgerald proposal?" and Epstein answered "goofy."²⁵

The BBC reported on July 14, 2026 that "advisers to both Lutnick and the former prince discussed the deal for four months, from August to November 2013, but it came to nothing," and that "Cantor Fitzgerald did not deny the talks took place but told the BBC it did not go into business with the former prince." Andrew Mountbatten-Windsor "did not respond to a request for comment." Elsewhere in the article, a White House statement made on behalf of Howard Lutnick said: "The BBC's pathetic and desperate attempt to slander Secretary Lutnick will do nothing to change the fact that he has been the most consequential Commerce Secretary in modern history."²⁸

On November 14, 2013 a Cantor Fitzgerald managing director and deputy general counsel sent a message addressed "David" and attaching a draft agreement with the file name "LEGAL-#67891-v1-UML_Cantor_agreement_re_asset_management.docx," writing: "I have attached a draft agreement in connection with the matters we have discussed. Please note that it has not been fully reviewed internally but I believe it reflects the discussion we had." Stern forwarded it to Epstein at 7:36 PM the same day.²⁹

Tether

Paolo Ardoino, the chief executive of Tether, told The Block in an article of January 16, 2024 that Cantor Fitzgerald had been a Tether custodian since late 2021. The article reports Lutnick as saying, in a Bloomberg Television interview from the World Economic Forum in Davos, "I manage many, many of their assets" and "From what we've seen, and we did a lot of work, they have the money," and states that in the preceding December he "reportedly said" he was a "big fan of this stablecoin called Tether. I hold their Treasuries. So I keep their Treasuries, and they have a lot of Treasuries." A person with direct knowledge of the matter told The Block that Cantor custodies "the vast vast majority" of Tether's reserves.³⁰

On January 27, 2025 Senator Elizabeth Warren wrote to Lutnick that Cantor Fitzgerald "holds a 5% stake in Tether and serves as Tether's asset manager," and that "you are handing over the reins of one of your companies to your 26-year-old son, who has worked closely with Tether on your behalf."³¹ On April 23, 2025 Cantor Equity Partners, Inc. and Twenty One Capital, Inc. announced a business combination agreement, dated April 22, 2025, with entities of Tether, Bitfinex and SoftBank Group. Jack Mallers is Twenty One's chief executive. Twenty One began trading on the New York Stock Exchange as "XXI" on December 9, 2025, "majority-owned by Tether Investments, S.A. de C.V.... and Bitfinex, with significant minority ownership by SoftBank Group," holding over 43,500 bitcoin; Cantor Fitzgerald & Co. acted as financial and capital markets advisor to Cantor Equity Partners and placement agent for the PIPE financings.³²

SPACs

Cantor sponsors special purpose acquisition companies under the names CF Finance Acquisition Corp. and CF Acquisition Corp., and Cantor Equity Partners. CF Acquisition Corp. VI, sponsored by CFAC Holdings VI, LLC and with Howard Lutnick as chairman and chief executive officer, closed its business combination with the video platform Rumble on September 16, 2022, following approval by its stockholders at a special meeting on September 15; the company was renamed Rumble Inc.³³³⁴ On December 20, 2024 Rumble announced a $775 million strategic investment from Tether at $7.50 per share, with Rumble's chief executive Chris Pavlovski retaining his controlling stake and Tether without the right to designate directors.³⁵

The SEC announced on December 12, 2024 that Cantor Fitzgerald, L.P. had agreed, without admitting or denying the findings, to pay a $6.75 million civil penalty. The order found that in 2020 and 2021 a team of Cantor executives "managed and controlled" CF Finance Acquisition Corp. II and CF Acquisition Corp. V, which raised $750 million in initial public offerings ahead of mergers with View, Inc. and Satellogic, and that Cantor "caused the SPACs in their SEC filings to deny having had contact or substantive discussions with potential business combination targets prior to their IPOs" when personnel had "already commenced negotiations" with the companies they eventually merged with.³⁶

Enforcement Record

The SEC announced on April 6, 2020 that Cantor Fitzgerald & Co. had agreed to pay $3.2 million for deficient "blue sheet" trading data: for "almost five years" the firm's submissions contained missing or incorrect data for "approximately 35 million transactions." The firm admitted the findings and was censured.³⁷ The 2019 Commodity Futures Trading Commission orders against BGC Financial, L.P. and GFI Securities, LLC, and the earlier SEC and FINRA settlements recited in them, are set out at BGC Group. BGC's annual report states that CF&Co has entered into guarantees on behalf of BGC and GFI for the foreign introducing brokers' obligations to the CFTC, for which BGC indemnifies CF&Co.⁶

Government and Political Connections

An invitation sent on November 3, 2015 from the account "Lutnick, Howard" and forwarded to Epstein by his assistant Lesley Groff announced an event with Hillary Clinton at the Cantor Fitzgerald offices on November 11 from 5:30 to 6:30 p.m., described as "a very intimate fundraising event," with a Hillary for America contribution form attached (EFTA02671545). At his May 6, 2026 House Oversight interview Lutnick said that emails addressed to "Howard Lutnick" or "Lutnick, Howard" "went to Matthew Gilbert. They did not go to me," and that "You would know if they went to me if they are listed as 'HWL.'"³⁸¹⁵ Lutnick was confirmed as Secretary of Commerce on February 18, 2025, and stepped down that day as chairman and chief executive of BGC; Brandon Lutnick was appointed chief executive officer and chairman of Cantor and chief executive officer of CFGM, and Kyle Lutnick executive vice chairman of Cantor and president of CFGM.²³ On May 19, 2025 BGC announced it would repurchase 16,452,850 shares from Lutnick for $151,501,133 "in furtherance of Mr. Lutnick's U.S. government ethics agreement," and that Lutnick would transfer his ownership interest in Cantor to trusts for the benefit of Brandon, Kyle and his other adult children, with Brandon as controlling trustee. The divestiture of holdings in BGC, Cantor and CFGM was completed on October 6, 2025, including the sale of all voting shares of CFGM to trusts controlled by Brandon Lutnick, who beneficially owned 2.0 million BGC Class A and 109.4 million Class B shares, 75.2 percent of BGC's total voting power, as of the date of BGC's annual report for 2025.²³³⁹ The 2012 and later documents on Lutnick's relationship with Epstein are at Howard Lutnick; the 2020 FBI complaint concerning Lutnick, BGC and Cantor is at BGC Group.